How much does otherdeeds cost in apecoin (ape)?

On Saturday, ApeCoin holders competed to buy so-called "Otherdeeds" -- parcels of land in Bored Ape Yacht Club's metaverse, Otherside. The frenzy pushed Ethereum gas fees to unprecedented levels. According to Bloomberg, each of the 55,000 NFT plots cost around $5,800 in ApeCoin (APE) plus gas fees.

How much money was wasted on bored ape's NFT sale?

One cryptocurrency advocate noticed that from just the Bored Ape's NFT sale, approximately $100 million were wasted during the first hour of the "land" sale in gas fees alone. As mentioned earlier, transactions can often fail when the Ethereum network is facing unusually high traffic.

Is the bored apes Yacht Club selling virtual land?

The creator of the popular Bored Apes Yacht Club collection of NFTs launched a sale of virtual land. Eddie van der Walt reports. Source: Bloomberg

Why does Ethereum charge a gas fee?

Ethereum charges something called a gas feefor any activity that needs to be recorded on the blockchain. The ‘gas’ means energy required for miner to verify transactions on the blockchain. The fee is dynamic, and changes based on the number of transactions taking place on the blockchain at that point of time.